Bitcoin ETFs Draw $2.65B as Citigroup Raises Price Forecast

US spot Bitcoin exchange-traded funds (ETFs) attracted a significant amount of money in September, with inflows reaching $2.65 billion. This was followed by another positive trading session in October. The monthly total was the second-highest recorded since October 2025, but buying slowed from August.

According to SoSoValue data, September's Bitcoin ETF inflows fell from $3.52 billion in August, a decline of about 25% or $870 million. Despite this, September remained one of the stronger months for the funds over the past year.

The funds collected approximately $6.34 billion across the third quarter, their highest quarterly total of 2026. July contributed about $172 million, with August and September accounting for most of the quarter's new money. Bitcoin gained 42.71% during the same period, recovering from its weaker performance earlier in the year.

October ETF flows diverged, with Bitcoin ETFs receiving $102.7 million on October 1, reversing the previous session's $148.7 million withdrawal. Their combined net assets reached approximately $109.3 billion, while cumulative net inflows stood near $57.6 billion.

Ether ETFs, on the other hand, moved in the opposite direction, losing $55.4 million on Thursday, extending their withdrawal streak to three trading sessions with combined outflows of roughly $118 million.

Dominick John, an analyst at Zeus Research, stated that institutional demand did not fade and linked continued ETF purchases to a more sustained recovery.

Citigroup increased its 12-month Bitcoin forecast to $113,000 from $82,000, citing stronger crypto activity, returning ETF inflows, and a supportive economic backdrop. The bank also raised its Ether target to $3,028 from $2,240.